Opening themselves for third-party evaluation is a positive sign indicating dedication to customer centricity and professionalism, he said.

Nigam was here to confer 5-star ratings to IRIS, a residential project owned by PVS Apartments of the KTC Group in Desom near the Cochin International Airport Ltd.

He told Business Line that real estate developers seeking star ratings are on the rise nationwide and Crisil Ratings are associated with various projects in 45 cities in the country.

In Kerala, the agency has conferred ratings to 15-odd projects. There is a need for enhanced transparency in the real estate sector, which can be achieved through self-regulation by developers, he added.

He pointed out that Crisil Real Estate Star Ratings (CREST) provides city-specific, all-round assessment of real estate projects and help buyers benchmark and identify quality projects within their city. The ratings address the two critical needs in the real estate sector, which is improved transparency and objective of benchmarking of projects, he said.

The other key factors evaluated in the star rating process are quality of legal documentation, construction related risks, financial flexibility/viability of the project and also the track record of the project sponsor, he added.

Answering a question, he said the revival of the sector is closely related to economic development. However, the sector is witnessing some matured business. The resurgence of the sector is linked to positive sentiments which a stable government can provide. Moreover, the sector’s development is connected with some of the key reforms such as the passage of real estate and land reforms Bill, he added.

Latest Realty News

KOCHI: Almost 20 years after it revised the property tax for commercial and residential buildings in the city, the Kochi corporation is all set to implement an overhauled tax regime in two months, which is expected to swell their coffers by an additional Rs 20 crore next year. Currently, the civic body's annual levy from property tax stands at Rs 80 crore.

KOCHI: With the government deciding to reduce the width of Thammanam-Pulleppady road to 18 metres from the proposed 22 meters, the Kochi corporation has a new headache on what to do with the land acquired for the original plan to widen the stretch.

THIRUVANANTHAPURAM: The district administration, set for an eviction drive of street vendors without even framing a proper policy for them, might want to take a look at the Bhubaneswar municipal corporation.

KOZHIKODE: The city corporation's facility to submit building plans online has hit a roadblock as the civic body is finding it difficult to extend the scheme owing to technical anomalies. The Kerala Conservation of Paddy Land and Wetland Act, Fire and safety regulations and Coastal Regulation Zone Act are yet to be incorporated with the software used.

KOZHIKODE: Putting an end to the three year long delay in finding a contractor for the government Cyberpark project, billed as the cornerstone of IT dreams of North Kerala, the meeting of the board of directors of Cyberpark held here on Thursday decided to award the work contract of the Rs 44 crore IT building project to a Kochi- based company.

KOCHI: The district administration has decided to acquire land for the construction of 12 Metro stations on a war footing. The decision in this regard was taken at a meeting convened by the Kochi Metro Rail Ltd (KMRL) on Thursday. The administration has to acquire land in Aluva west, Thrikkakara north, Edappally south, Ernakulam and Poonithura villages.

KOCHI: The special squad constituted by the revenue wing of the corporation to check unauthorized constructions in the city was disbanded one-and-a-half years though it had unearthed 248 such instances in 2011. The corporation also failed to collect the fine slapped on building owners when it faced severe fund shortage.